A security deposit is an amount of money that a tenant gives a landlord, in addition to the first month's rent, before moving into a new rental. Unlike rent, a security deposit is held by the landlord and is typically only used under certain circumstances, including: (a) to make up for a tenant's failure to pay rent, (b) to make up for rent if a tenant leaves the property before the end of the lease term, or (c) to pay for necessary repairs and cleaning after the tenant has moved out.
Some states require the landlord give a tenant a receipt for the security deposit. This Security Deposit Receipt is an important document that landlords can use as part of their rental management routine.
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